Ethereum’s massive rally has certainly captured a lot of attention. Interestingly enough, the altcoin’s performance has apparently also captivated institutional investors back into the ETH trend. Particularly, a firm by the name of Abraxas Capital has been making headlines for its recurringly sizable bets on Ether—stacking ETH at a rapid pace over the last few weeks.
At $2,601 per ETH, Ethereum has surged 11% this week and an incredible 63% this month, outperforming nearly every major asset. While traders speculate on the next move, Abraxas Capital has apparently already made theirs.
Abraxas Goes All-In on Ethereum
Since May 7, Abraxas Capital has withdrawn 278,639 ETH—worth approximately $655 million—from exchanges, securing its holdings at an average price of $2,350 according to data from Arkham Intelligence. With ETH’s rapid climb, the firm now holds an unrealized profit of $77 million, reinforcing confidence in Ethereum’s long-term trajectory.
The scale of these withdrawals suggests more than just bullish sentiment—it’s a strategic shift, potentially reducing exchange liquidity and signaling upcoming institutional moves. Abraxas is betting big that Ethereum’s upgrades, including the Pectra update and the growing ETF speculation, will fuel sustained growth.
Ethereum Is Outperforming Bitcoin
Ethereum’s dominance over Bitcoin this month is hard to look past. While ETH has skyrocketed 63%, Bitcoin has “only” gained 23%—a clear sign that capital is flowing into Ethereum at an accelerating pace. As institutional investors position themselves, Ethereum’s breakout could mark the beginning of a much larger shift in market dynamics.
Differently from Bitcoin, Ethereum is still a long way from breaking a new ATH. While this suggests less resistance for a potential rally, it also means a higher influx of buying pressure is needed to sustain upward momentum.
Abraxas Capital seems convinced that ETH’s best days are ahead. With major firms doubling down on Ethereum, are we about to see an even stronger rally?
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